Delhi-based Proost Beer recently wrapped up its pre-Series A funding round, raising an impressive INR 25 crore (equivalent to $3 million) through a blend of equity and debt. This substantial investment comes from a diverse group of backers, encompassing both loyal and new investors. Notable contributors to this round include Chimes Group, Dev Punj, The Chennai Angels, Finvolve, India Accelerator, Hyderabad Angels, Mumbai Angels, Angel List India, and Agility Venture.
Previously, Proost Beer secured INR 8.5 crore in a combination of equity and debt financing. This funding was led by prominent investors such as Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, Finnvolve, and various others.
Proost Beer Funding:
In a press release, They stated that the newly acquired funds will be utilized for the purpose of expansion.
Established in 2017 by Vijay P Sharma and Tarun Bhargwa, the company prides itself on its distinctive brewing process and recipe, delivering a premium-quality beer known for its smooth taste. Proost Beer employs top-notch, locally and internationally sourced raw materials to ensure an authentic and unparalleled flavor.
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They maintains a robust presence in Delhi, Punjab, Uttar Pradesh, and Kerala, boasting a remarkable sales rate of 9 units of beer every minute.
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The company has set ambitious expectations, aiming for a 300% growth in the current financial year, FY23-24.
Proost Beer faces competition from notable players in the industry, including Goan-based Maka Di, Arbor Brewing Company, Kati Patang, Witlinger, Bira 91, Simba, and more.